Viking Fund Management LLC Raises Position in Verizon Communications Inc. $VZ

Key Points

• Viking Fund Management LLC increased its holdings in Verizon Communications by 9.3% in the second quarter, now owning 236,000 shares valued at approximately $10.2 million.
• Verizon announced a quarterly dividend increase to $0.69 per share, up from $0.68, with a dividend yield of 6.3%.
• Verizon reported a $1.22 EPS for the last quarter, surpassing analysts' expectations, and has set its FY 2025 EPS guidance between 4.636-4.728.

Viking Fund Management LLC raised its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 9.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 236,000 shares of the cell phone carrier's stock after purchasing an additional 20,000 shares during the period. Verizon Communications accounts for 1.4% of Viking Fund Management LLC's holdings, making the stock its 23rd biggest holding. Viking Fund Management LLC's holdings in Verizon Communications were worth $10,212,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VZ. Vanguard Group Inc. raised its position in shares of Verizon Communications by 1.2% in the first quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock valued at $16,700,279,000 after purchasing an additional 4,347,416 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Verizon Communications by 1.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock worth $4,983,225,000 after purchasing an additional 1,172,175 shares in the last quarter. GQG Partners LLC increased its stake in shares of Verizon Communications by 303.9% in the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock worth $2,261,648,000 after acquiring an additional 37,516,167 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Verizon Communications by 1.0% during the 1st quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock valued at $2,062,750,000 after acquiring an additional 431,789 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Verizon Communications by 8.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock worth $1,904,840,000 after buying an additional 3,100,342 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

VZ has been the topic of a number of research analyst reports. Bank of America upped their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Wells Fargo & Company lifted their price target on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Arete Research raised Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.65.

Verizon Communications Stock Performance

Shares of NYSE:VZ traded down $0.14 during trading on Friday, reaching $43.53. 29,150,933 shares of the stock were exchanged, compared to its average volume of 15,901,778. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The stock has a 50-day moving average price of $43.35 and a 200-day moving average price of $43.40. The firm has a market cap of $183.54 billion, a PE ratio of 10.15, a PEG ratio of 3.35 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same period in the previous year, the business earned $1.15 earnings per share. The company's revenue was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 6.3%. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is presently 63.17%.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).